For the past two school years I lived in a small town (30,000 people) in AndalucÃ­a, and Iâm currently living in a medium-sized town (50,000 people) in Extremadura. Though technically Extremadura isnât southern Spain, itâs only about an hour north of AndalucÃ­a and the cost of living is very similar. The average monthly cost of living in a piso is 250-300â¬. Thatâs the cost of the whole apartmentâ¦ not just for a room in a shared apartment.
What is an 'Equated Monthly Installment - EMI'. An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Installment debt involves paying a certain amount each month over a predetermine period of time. An automobile loan is an installment debt. An interest rate is applied and paid out over say three to five years in most cases. Installment debt payments rarely change as most are fixed rate loans. However, the installment payment can be ignored if there are less than 10 months remaining, boosting borrowing power.